Thursday, February 21, 2019

Cinepolis India to infuse Rs 1,500 cr for 500 screens

Sunday, September 16, 2018, 17:59
This news item was posted in Business category and has 0 Comments so far.

MUMBAI: Cinepolis India, wholly-owned subsidiary of 71-year old Mexican multiplex major Cinepolis, has decided to up its game in India and is ready to pump in over Rs 1,500 crore for the next 500 screens, a top executive said.The company, which currently operates 350 screens in India, is way behind its initial target of reaching 500 screens by 2016. It is now looking at 400 screens by end 2018. However, Devang Sampat, director, strategic initiatives, Cinepolis India, said it aims to reach the 1,000 screen mark. “We are growing organically, albeit slower than what we would like. We already have 500 more screens signed and locked,” Sampat told ET. “We don’t compromise on quality and are focused on providing the same across metros as well as B and C towns. So we will incur about Rs 3 crore per screen cost.”Pace of screen addition has slowed down in the last couple of years, with just about 200 coming up annually. The top three, PVR, Inox and Cinepolis, are adding 40-50 screens each. However, while others made aggressive acquisitions, Cinepolis has been choosy. Slow real estate development took it a decade to reach 300 screens.“We look at, and will continue to look at, the opportunities wherever quality is not compromised and we see a long term benefit,” said Javier Sotomayor, managing director at Cinepolis Asia.

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